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Verfassung und Recht in Übersee / Law and Politics in Africa, Asia and Latin America

Description:

Law and Politics in Africa, Asia and Latin America analyses legal and constitutional developments in all states or regions outside of Europe as well as their regional and international integration. Founded in 1968 and inspired by decolonization and the idea of a cooperative new beginning, the Journal also promotes a special interest in contributions on 'Law and development'. The journal aims to provide a forum for a variety of perspectives on these fields of interest, be they focused on one country or comparative, theoretical or methodological in nature.

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ISSN: 05067286

Subjects:
Business & Economics,
Law,
Development Studies,
Social Sciences,
International Relations,
Law

Abstract

The demand of the developing countries for full souvereignty over their national ressources und their economic activities takes a great role in the discussion on a new international economic order. Therefore the question of legal protection of foreign investments in the Third World is of great importance too. It is well known indeed, that developing countries as well as industrial countries are interested in foreign investments in developing countries. So they offer a broad catalogue of measures for the legal security of those investments. The Federal Republic of Germany for example has national guarantees against political risks and bilateral investment protection agreements, until now with 44 developing countries. In the multilateral level there is the "Convention on the Settlement of Investment Disputes between States and Nationals of other States", administered by the World Bank. Against that the "Multilateral Investment Insurance", proposed by the World Bank, and the "Convention on the Protection of Foreign Property", prepared by the OECD, have not yet been realized. The developing countries offer different forms of transfer and property guarantees in their investment laws and arrangements. Governmental guarantees or insurances against expropriation of foreign investments in developing countries are one of the most important investment incentives. Sometimes the investors are satisfied with the relevant promises of the developing countries; in many cases, however, they effect additional national insurances, because they get a direct claim for compensation in this way. In the Federal Republic of Germany more than 20% of all foreign investments in the Third World are protected by governmental guarantees against political risks. The Investment Protection Agreements are classified less important by the investors, because the enforcement of the promises und guarantees in these treaties is depending from the cooperation climate and the legal system in the developing country. Inquiries have come to the result, that there is no incitement effect of these agreements regarding additional foreign investments or investments in certain developing countries. On the other hand their protection effect is positive and generally recognized. The International Convention for the Settlement of Investment Disputes is regarded as a successful way to strengthen the legal security o f foreign investments. So it is already part of many investment treaties, protection agreements and laws. First investment disputes are submitted to the responsible centre, which has been established by the World Bank. German investors indeed prefere furthermore the governmental German investment guarantees.